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SARASOTA, Florida, October 03, 2021 (GLOBE NEWSWIRE) – Roper Technologies, Inc. (NYSE: ROP), a leading diversified technology company, today announced that it has entered into a definitive agreement to divest its TransCore business to Singapore Technologies Engineering Ltd (“ST Engineering”), a global technology, defense and engineering group, for $ 2.68 billion in cash. TransCore is expected to generate approximately $ 545 million in revenue and $ 135 million in EBITDA in 2021. Roper will retain its DAT and Loadlink network software business, which it acquired with TransCore in 2004.
“ST Engineering will be a great owner for TransCore and will support the company as it continues the next phase of its innovative work in traffic management, toll technology and smart city infrastructure,” said Neil Hunn , President and CEO of Roper Technologies. “We are grateful to Tracy Marks, President of TransCore, and the entire TransCore team for their many contributions to Roper.
“During our 17-year ownership period, Roper’s governance and incentive system has enabled TransCore’s leadership team to dramatically improve project capabilities and product innovation, driving growth. market share and sustained leadership in its niche market, ”said Mr. Hunn. “Additionally, during this time, Roper has added significant value to the DAT and Loadlink network software companies by providing long-term investment support and an independent operating structure that has enabled these companies to improve and develop. ‘significantly expand their networks, resulting in attractive growth profiles that continue to benefit Roper.
“The divestiture of the project-based TransCore business will enhance our mix of predictable recurring revenue, high margin businesses and significantly reduce our working capital requirements. Additionally, the after-tax proceeds of the transaction will accelerate and amplify our ability to deploy capital to our strong portfolio of high-quality acquisition opportunities, ”concluded Mr. Hunn.
“TransCore has established a leading company, demonstrated by its leading edge solutions and supported by a talented workforce, in which we will continue to invest. With the addition of TransCore, ST Engineering will occupy a unique position as a market leader in sustainable smart mobility, supported by our strengths in technology and innovation, ”said Vincent Chong, Group President and CEO of ST Engineering.
Roper retained the services of Evercore and BofA Securities as financial advisers in connection with this transaction. Roper expects to account for TransCore’s results as discontinued operations when it releases its third quarter 2021 financial results. The Company expects this transaction to close in the first quarter of 2022, subject to customary closing conditions. , including regulatory approvals.
About Roper Technologies
Roper Technologies is included in the S&P 500, Fortune 500 and Russell 1000 indices. Roper operates companies that design and develop software (both licensing and software as a service) and engineering products and solutions for a variety of niche end markets. Additional information about Roper is available on the Company’s website at www.ropertech.com.
TransCore has been a leader in the transportation industry for over 80 years. With a mission focused solely on transportation, the company continually develops and innovates traffic and toll management systems around the world. TransCore is headquartered in Nashville, TN.
About ST Engineering
ST Engineering is a global technology, defense and engineering group with offices in Asia, Europe, the Middle East and the United States, serving customers in over 100 countries. The Group uses technology and innovation to solve real-world problems and improve lives through its diverse portfolio of activities in the aerospace, smart cities, defense and public safety segments. Singapore-based ST Engineering reported revenues of $ 7.2 billion (approximately $ 5.4 billion) in fiscal year 2020 and ranks among the largest companies listed on the Singapore Stock Exchange. . It is included in the FTSE Straits Times index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index.
The information provided in this press release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements may include, among other things, statements regarding results of operations, the success of our internal operating plans and the prospects of integrating newly acquired businesses and contributing to expectations of growth, earnings and flows. future cash flow. Forward-looking statements may be indicated by words or expressions such as “anticipate”, “estimate”, “plan”, “expect”, “plans”, “should”, “will”, “believe”, ” intends ”and similar words and phrases. These statements reflect the current beliefs of management and are not guarantees of future performance. They involve risks and uncertainties which could cause actual results to differ materially from those contained in any forward-looking statement. These risks and uncertainties include all of the ongoing impacts of the COVID-19 pandemic on our business, operations, financial results and liquidity, which will depend on many changing factors that we cannot accurately predict or assess, including: duration and extent of the pandemic, new variants of the virus and the distribution and effectiveness of vaccines; any negative impact on global and regional markets, economies and economic activity; actions taken by governments, businesses and individuals in response to the pandemic; the effects of the pandemic, including all of the above, on our customers, suppliers and business partners, and the speed with which economies and demand for our products and services recover after the end of the pandemic. These risks and uncertainties also include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies, and manage other risks associated with newly acquired businesses. We also face other general risks, including our ability to achieve cost savings through our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, changes in exchange rates, difficulties associated with exports, risks associated with our international activities risks related to operations, cybersecurity and data privacy, including disputes arising therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises (such as the COVID-19 pandemic) or natural disasters, increased product liability and insurance costs, increased warranty exposure, competition future, changes in the supply or price of parts and components, costs and responsibilities related to environmental compliance, risk ues and costs associated with litigation, including asbestos litigation, potential write-offs of our substantial intangible assets and the risks associated with obtaining government approvals and maintaining the regulatory body’s compliance with new products and existing. Material risks can be discussed in pending and subsequent cases with the SEC. You should not place undue reliance on forward-looking statements. These statements speak only as of the date they are made, and we do not undertake to update them publicly in light of new information or future events.
Source: Roper Technologies, Inc.